It’s only January, but because the calendar has turned to 2015, that means the tax season is officially here. While most people don’t file their taxes in January, there are a few early birds who go after the first worms of the year, so-to-speak. Although it’s often a good idea to make sure the IRS, and your tax preparer, has all the new tax laws in place before you file your taxes, it sounds like filing early this year could be a good idea.
That’s because for those who want to get their refund back quickly the longer they wait to file could mean the longer they wait to get that refund. Of course, in any year most people who wait to file will have to wait longer to get their refund. The more returns the IRS has to check the longer it’s going to take, so naturally if you wait to file, chances are you’ll wait longer to see the money in your account.
However, it appears that this year the wait could be even longer than normal, that’s because according to recent reports, budget cuts at the IRS could really slow things down. While IRS Commissioner, John Koskinen assures the country that everyone’s return will indeed get processed, he also says that with the agencies limited resources this year, including employees, that the IRS will most likely not be able to provide filers with refunds as quickly as they have in the past.
However, the commissioner did not give an estimated timetable for how long people might have to wait to see their refunds, only that it could take longer. The IRS is feeling the pinch in resources after Congress cut its budget by $346 million for the coming year, which ends in September.